Iraq’s proven oil reserves of over 115 billion barrels can support a production plateau of 10 million barrels per day (bpd) without the need for a single barrel of new reserves. The immediate need is to rehabilitate its infrastructure, develop capacity and monetize reserves. It’s attractiveness is evident by the major global oil companies willingness to accept less than $2 per barrel remuneration fee in most of the projects offered in the first and second bidding rounds last year.
The…
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